Speaking at an event hosted by The Economist in the city of London, George Soros delivered a stark warning last night that the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.
Via Reuters:
Soros did not predict when and how the markets would be derailed. Captain Barbosa would be proud of me.
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Via Reuters:
“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,”
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
Soros did not predict when and how the markets would be derailed. Captain Barbosa would be proud of me.
Also check out:
